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Mortgage buyer Freddie Mac says the rate on 30-year fixed-rate loans declined to an average 4.20 percent from 4.32 percent last week. That was still sharply higher than a 30-year rate that averaged 3.65 percent for all of 2016, the lowest level recorded from records going back to 1971. A year ago, the benchmark rate stood at 3.97 percent.

The average for a 15-year mortgage eased to 3.44 percent from 3.55 percent last week.